Financial Report
The Foundation's only asset is cash, invested in a Money Market Fund. In 2023, cash was maintained with the Arizona Community Foundation of Flagstaff (ACF) as a donor-advised account. In 2024, its 25th year, the Foundation began operations as its own 501(c)(3) organization. The Cash Statements below reflect the financial activities of the Foundation for the most recent two years. Teri Schwab Treasurer Forest Highlands Foundation Board
COMMENTS
The 25th year of the Foundation saw record levels of giving, in both donors and dollars. The Cheers to 25Years Gala in July 2024 netted over $470K, and the Annual Appeal, Denise Martinez Memorial Golf Tournament and Preferred Seating Auctions for Forest Highlands holiday barbeques in 2024 all received levels of giving support consistent with 2023. Grants increased slightly in 2024, in both the Collaborative and Direct Grant processes and are discussed in greater detail in the Grants Committee Report. Administrative expenses spiked in 2024, primarily due to non- recurring legal fees related to the 501(c)(3) formation process, and some 2023 expenses not charged to the Foundation until 2024. The generosity of the Forest Highlands membership has positioned the Foundation well to provide impactful financial support for the Flagstaff not-for- profit community.
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